LG Energy Solution Vertech to Deliver 7.5 GWh of Integrated U.S. Energy Storage Projects for Excelsior Energy Capital

• Agreement provides 7.5 GWhs of integrated energy storage projects
• Products will meet U.S. domestic content requirements

WESTBOROUGH, Mass., Dec. 19, 2024 /PRNewswire/ -- LG Energy Solution Vertech announced today the signing of a multi-year agreement with Excelsior Energy Capital (Excelsior). This agreement provides 7.5 GWhs of fully integrated lithium-ion energy storage projects that will be supported with integration and lifecycle services from LG Energy Solution Vertech.

All projects will meet domestic content requirements and will be delivered to the U.S., with the first delivery slated for April 2026.

The agreement builds on the growth of LG Energy Solution Vertech in the U.S. in the grid-scale battery energy storage market, following the recent announcement of an 8 GWh agreement with Terra-Gen, Inc. It also secures energy storage projects that meet domestic content requirements in Excelsior's diversified energy storage portfolio.

"We're looking forward to partnering with LG Energy Solution Vertech as we build our presence in the U.S. energy storage market," said Anne Marie Denman, Co-Founder and Partner of Excelsior. "We selected LG Energy Solution Vertech because of their ability to support us throughout the project lifecycle with exceptional services, software, and products. We also gain access to the full benefits of U.S. manufactured products with this partnership."

Excelsior Energy Capital is one of the most experienced renewable teams investing in mid-market operating and post-development wind and solar generation in North America. The company invests in renewables with a differentiated strategy addressing North American renewable power generation, targeting low risk, long term, stable yields with low correlation to other asset classes, actively raising and deploying capital.

"Excelsior is thoughtfully establishing projects in the US," said Hyung Kim, Head of ESS Battery Division at LG Energy Solution, the parent company of LG Energy Solution Vertech. "We place great value in being a long-term partner to our customers, supporting projects throughout their lifecycles with services and software that enable success well beyond project commissioning. We look forward to seeing the projects under this agreement make meaningful, lasting impacts on the energy grid."

All projects will incorporate the latest LG Energy Solution containerized lithium-ion battery solutions with LFP long cells designed to optimize energy efficiency and enhance safety. LG Energy Solution Vertech will provide all system integration services, the AEROS™ software controls and analytics suite, and related services to support the systems and operators throughout project lifecycles.

About LG Energy Solution Vertech

LG Energy Solution Vertech is an energy storage systems integrator backed by LG Energy Solution. The company delivers integrated, reliable, and bankable grid-scale energy storage systems supported by in-house services and software.

In 2022, LG Energy Solution purchased NEC Energy Solutions and established LG Energy Solution Vertech Inc. By vertically integrating the battery manufacturer and integrator, LG Energy Solution Vertech offers customers a uniquely streamlined experience and comprehensive support through a system-level contracting process. Via a single contract, the company provides systems, warranties, services, and software. The combination of excellence in technology coupled with nearly two decades of energy storage integration makes LG Energy Solution Vertech a leader in the global energy storage market.

About Excelsior Energy Capital

Excelsior Energy Capital is a renewable energy infrastructure fund focused on middle-market investments in wind, solar and battery storage plants, and businesses across North America. The highly specialized team brings over 100 years of combined experience and a comprehensive set of strategic, financial, legal and operational expertise; making Excelsior Energy Capital a valuable partner for developers and operators, and a trusted manager for investors. Based in Minneapolis, Minnesota, the firm was founded in 2017 with two active funds totaling over $1.5 billion of equity capital. For more information, visit http://www.excelsiorcapital.com

SOURCE LG Energy Solution Vertech